Liberate sets bullish view

BarbaraC. Costanza

Positive surprises

Shares of Liberate Technologies
LBRT, +0.10%
jumped 64 cents to $6.90 in after-hours trading Monday evening on the Island ECN after the maker of software of interactive TV said it anticipates better-than-expected results in its fiscal fourth quarter, ending in May. The company also posted a third-quarter loss that was smaller than most analysts expected. Its loss from operations totaled $5 million, or 5 cents a share, compared to a loss of $9 million, or 9 cents, in the same period last year. Analysts polled by Thomson Financial/First Call were looking for a deficit of 7 cents in the latest quarter. Looking ahead, Liberate expects to lose 5 to 6 cents a share in its fiscal fourth quarter, in line with forecasts, but sees revenue amounting to $25 million to $25.5 million. The consensus estimate on revenue was $23.9 million.

Technology company Entegris
ENTG, +0.29%
reported second-quarter revenue of $50.7 million and a loss of $1.4 million, or 2 cents per share. That compares to $105.7 million in revenue and a net income of $18.9 million, or 26 cents per diluted share, excluding non-recurring charges for the same period last year. Analysts polled by Thomson Financial/First Call had been expecting the latest quarter to show a loss of 4 cents a share. "We expect a more pronounced pick-up in some of our capital spending driven product areas during our third quarter 2002 and forecast third quarter sales to improve about 10 percent from the second quarter 2002," said Jim Dauwalter, chief executive. Shares closed up 50 cents to $15.51 ahead of the news.

Earnings advisories

Energen
EGN, +2.49%
said Monday it expects fiscal 2002 earnings of $1.80 and $1.90 a share, vs. the consensus estimate of $1.55. The diversified energy company said it benefited from its purchase of an oil and gas unit, Energen Resources. The subsidiary has capitalized on recent market volatility by adding more natural gas hedges for 2002. The stock closed up 15 cent to $24.50.

Waters
WAT, +0.54%
revised its 2001 results and lowered 2002 expectations as a result of an unfavorable patent ruling involving mass spectrometry products. The company said it had overstated earnings last year of 1.23 a share; the actual earnings were 83 cents a share, reflecting a $75 million pre-tax provision for estimated costs related to the patent suit. Looking ahead, the company is expects to make 27 to 29 cents a share for the first quarter of 2002, and $1.37 to $1.45 a share for the full year. The stock closed down 28 cents to $28.82.

Pinnacle Systems
PCLE
said it expects to report fiscal third quarter net losses of 13 cents to 16 cents a share. Excluding acquisition-related acquisition expenses, the provider of digital video storage and streaming technology is forecasting earnings of 1 cents to 3 cents a share for the quarter ending March, while analysts surveyed by Multex had been anticipating losses of 2 cents a share, on average. Revenue for the period is expected to be $59 million to $61 million, above consensus analyst forecasts of $54.6 million. The stock closed up 4 cents to $7.98.

M.D.C. Holdings
MDC, +1.08%
said it expects first-quarter earnings to exceed the high-end of analyst expectations. Analysts surveyed by Thomson Financial/First Call are expecting earnings of 86 to 96 cents a share, with an average of 91 cents. The homebuilder said it benefited from favorable weather conditions, which accelerated the closing of certain homes. The stock closed down 90 cents to $42.04.

Applied Films
AFCO
warned that fiscal third-quarter results would fall short of expectations due to the continued downward pricing pressure in its coated glass business and delays in capital spending by two customers. The provider of equipment for flat panel displays said revenue for the period is now anticipated to be $30 million to $32 million for the quarter ending March, while analysts surveyed by Multex are currently forecasting revenue of $38.5 million, on average. The company added that losses for the period, excluding the amortization of intangibles, of 2 cents to 6 cents a share, versus analyst forecasts for a profit of 12 cents a share. The stock closed down 20 percent to $21.49.

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